| Work Detail |
The transaction will see Italian company Enel selling its entire geothermal portfolio in the US.
Ormat Technologies, a Nevada-based renewables developer, has agreed to acquire a 150MW portfolio of geothermal and solar assets from Italian company Enel’s subsidiary Enel Green Power North America for $271m.
The portfolio includes two operating geothermal power plants, one triple hybrid geothermal, solar photovoltaic (PV) project with 20MW capacity, a 43MW solar thermal project, two solar projects with a total capacity of 40MW and two greenfield development assets.
The acquisition will support Ormat’s goal of expanding its strategic portfolio.
The transaction could be completed by the first quarter of 2024. It is in line with Ormat’s priorities and will leverage asset rotation to support the development of future projects while simplifying its structure.
The transaction will see Enel selling its entire geothermal portfolio in the US, including the 25MW Cove Fort geothermal power plant in Beaver County, Utah. It was designed by Ormat and sells power under a long-term power purchase agreement (PPA) to the Salt River Project, an Arizona-based utilities company.
The second geothermal power plant being sold is Salt Wells in Churchill County, Nevada, with 65MW capacity. Operational since 2009, its power is sold to NV Energy under a long-term PPA. |
